Market Overview
The international market for point-of-sale terminals was estimated at Usd 85.16 billion in 2021, and this is expected to rise at a yearly pace of 8.5 percent from 2022 to 2030. Because of the supply chain, interruption and end-user lost revenue; the COVID-19 pandemic will negatively influence total market development in 2020. Nonetheless, when the virus's intensity faded, some end-use sectors began to adopt cashless and contactless payment methods.
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Market Segmentation
The development of the point of sale (PoS) terminal market is determined by the performance of the following market segments:
By component
This division works with point-of-sale (POS) hardware, software, and services.
By type
mPOS, smart POS, portable countertop plus PIN Pad, and a smart mobile dongle and compact POS are among the kinds of point-of-sale terminals available.
By industry
The home delivery and service delivery sector, retail, medical and hospitality, taxi and transportation, sports, entertainment, and media sectors all make up the industry component of the point-of-sale terminal industry.
Regional Classification
The market is divided into four primary regions because of the international markets of the point of sale terminal market and the global distribution of target audiences. During the projected period of 2017-2023, the North American market is expected to have good growth potential, assisting the market in becoming the highest point of sale terminal market size. The point of sale terminal market is home to the payment industry's rising modernization and a wide range of business-specific solutions.
Another factor that will help the marketplace gain traction in the international competition is that wireless PoS terminals have been widely used and implemented across various industries, including hospitality, medical, healthcare, retail, and entertainment. EMV is one of the compliance criteria that affect increased payment security and will contribute to the market's growth during 2017-2023.
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Industry News
The growing demand for POS terminals is due to the demand for inexpensive wireless communication technology. POS systems use wireless devices to enable payments for services or items. Wireless technology can help streamline various businesses, from taxis to restaurants. POS terminals are used in the hospitality and retail industries for payments and other operational functions, including sales tracking, inventory management, and accounting.
One of the major elements affecting the proliferation of POS terminals is the development of the modern drive-thru. For a seamless order and delivery procedure, several businesses have begun to use POS systems to integrate their kitchen, drive-thru line, and back-office activities. Fast-casual restaurants like Chipotle, Panera, and Starbucks, for example, have incorporated drive-thru features into some of their drive-thru sites. Furthermore, the advantages provided by modern drive-thrus, like raised convenience, have improved the consumer experience. This, in turn, is likely to boost the demand for point-of-sale terminals.
The increased use of credit/debit cards for transactions is ascribed to the market's expansion. The seamless and contactless payment procedures these smart cards provide are a major element in the global deployment of POS terminals. The growing use of cards will inspire businesses in a variety of industries, including retail, hospitality, healthcare, and entertainment, to set up these terminals and advance the industry.
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